Explore the complex trade-offs policymakers face when considering tariffs

An economic evaluation of US tariffs

Most economists agree that the implementation of large-scale tariffs on foreign goods would hurt both the American and global economies. This video from The Wall Street Journal explains the rationale for tariffs as a tool for domestic job creation, but explains why they may hurt the overall economy.

The overall economic effect of President Trump's 2025 tariffs remains unclear

Researchers from UCLA and Yale found that tariff revenue and gains to US producers largely offset importers' costs—but the broader picture is murkier, as the trade deficit rose, manufacturing jobs declined, and 90% of tariff costs were passed through to importers rather than absorbed by foreign exporters.

Pros and cons of tariffs

While some mainstream economists are skeptical about tariffs, President Donald Trump is bullish on them. The pros and cons of tariffs include their ability to help governments raise money and the potential for retaliatory tariffs.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

Behind the scenes on tariff politics

Economist Gene Grossman joined the Trade Talks Podcast to discuss why tariffs really happen. The episode digs into how voters, politicians, lobbyists, and even campaign cash can affect when protectionist trade policies are put forward. Produced in 2019, the podcast also discusses how populist trade policies and identity politics accounted for Donald Trump’s victory in the 2016 Presidential election.

A nuanced break down of how tariffs are impacting prices

As tariffs have increased to their highest levels since the 1930s, economists have kept a close eye on retail prices. This chart and accompanying explainer shows correlations between key tariff announcements and news and the costs of roughly 350,000 goods from five major retailers.

What are tariffs and how do they work?

Tariffs are taxes on imported goods paid by importing companies but typically passed on to consumers. They vary by country and product and, despite recent spikes, have historically accounted for less than 2% of federal revenue. Explore more with these data visualizations from USAFacts.

Tariffs once fueled the US economy

US tariffs peaked in 1930 with the Smoot-Hawley Tariff Act, which slashed global trade by 65%. Once a key revenue source, tariffs gave way to income taxes in 1913, leading to decades of lower trade barriers. Today, US tariffs remain among the lowest worldwide.

Trade and tariffs in the Roman world

Trade between nations and empires date back thousands of years, including the use of tariffs to raise government revenue.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions

The US-China trade war is one example. While they aim to protect domestic industries, they can lead to higher prices for consumers and strained international relations.

Tax policy can have a direct impact on the national debt

Past presidents' changes to tax codes have inflated the deficit. An expert on the topic explains the interplay between policy and the national budget while debunking 10 tax-related myths in this podcast.

See comparisons of different countries' taxation strategies

Taxes are a major revenue source for most countries, and how each government taxes citizens often reflects the country's economy. Developed countries tax at much higher rates than developing ones, and as a country grows its GDP, it also typically grows the proportional percentage of taxes it gains from its citizens.

Try to balance the budget

This interactive calculator challenges users to rebalance the federal budget by adjusting taxes and spending. Try your hand at weighing difficult trade-offs that shape long-term deficits, debt growth, and the sustainability of US public finances.

What something costs is reflective of a balance in the market determined by the amount of demand relative to the supply of goods and services

Because economies are complex systems, a wide variety of issues influence this balance—including some things generally considered to be positive, like rising wages.

Hear about the debate over free public transportation

Free public transit boosts economic opportunity and social mobility and is better for the environment. So why do we charge for it? Opponents of free transit cite revenue losses threatening service quality and data showing that free fares don't translate into reduced car use.

If the estate tax is repealed, more expensive alternatives might come in its place

The federal estate tax has been up for political debate for decades. Many want to get rid of it altogether. If repealed other tax options, like capital gains taxes, could have people paying more in taxes than before.

Explore a series of articles on the costs of critical mineral extraction

The acquisition of critical minerals—essential materials for clean energy technologies—has often been accompanied by harm to water supplies, natural ecosystems, and Indigenous lands, raising questions about the overall benefit of these technologies.

National parks boost local economies, but they can also harm local land

Increased tourism and job creation are big wins for the small towns outside national parks, but the influx of visitors can also have negative effects, including wildlife destruction and overdevelopment.

The psychological aspect of deflation makes it difficult for policymakers to stabilize the economy

That psychological aspect is referred to as "the deflationary spiral." When prices start decreasing, people tend to hold on to their money to pay the lowest prices. But as prices start stabilizing, people resist increasing prices. (Some users may experience a paywall.)

Market concentration and high markups don't always signal a monopoly

When regulators and economists evaluate whether a company constitutes an illegal monopoly, they often consider its overall market share or its relatively high price markups. This piece argues that the Olley-Pakes decomposition is a better measure, identifying whether customers within a market are switching to more productive companies.

The economics of all-you-can-eat buffets

Is it possible to out-eat the price you pay for a buffet? How do these places make money? We looked at the dollars and cents behind the meat and potatoes.

British colonialism left economic institutions that still shape growth today

This analysis argues that while the British Empire inflicted exploitation and long-term harm, it also exported institutions—like standardized property rights and land surveying—that boosted economic development in some colonies.

Supporters of payday loans say banning them would harm low-income Americans

Many argue for a federal policy that would cap interest rates for these loans, but payday lenders say that would make it impossible for them to make money, effectively forcing them to close up shop. As a result, some argue that the policy would prevent low-income, unbanked, and traditionally high-risk borrowers from accessing credit when they need it. (Some users may experience a paywall.)

Some argue that America is too dependent on consulting

Many major companies in America—not to mention the federal government—spend thousands of dollars a month paying to contract major consulting firms.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

The World Bank, IMF, and WTO all face calls for structural reform

Researchers argue that all three major institutions face legitimacy and effectiveness challenges, including outdated governance structures, unequal voting power, and difficulty adapting to a more multipolar world.

Use this tool to calculate the dollar value of your parental mental load, from meal planning to coordinating after-school care, then see resources that help generate solutions.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Listen to an in-depth conversation on the links between Parkinson's disease and herbicide exposure and the challenging pace of scientific investigation.

Despite being favored by 87% of Americans, Congress does not have term limits.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

Stanford built a Google Maps for the Roman Empire, revealing how much it cost to travel in the ancient world

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

See how fireworks are made and learn how metals like magnesium and copper are responsible for different colors.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

Frank Lloyd Wright's houses are historically hard to sell because they're old, subject to local landmark commissions, and often unfashionable

Fear or disgust related to clusters of holes and cracks, called trypophobia, may stem from evolutionary processes to help us avoid pathogens.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.